According to the CFTC Commitments of Traders report for the week ended August 24, NET LENGTH for crude oil futures plunged -30 011 contracts to 374 312 for the week. Speculative long position declined -10 078 contracts, while shorts jumped +19 933 contracts. The rebound of crude oil prices last week should probably lift net longs in the coming week. For refined oil products, NET LENGTH for heating oil gained +1 441 contracts to 34 020, while that for gasoline rose +1 137 contracts to 36 884. NET SHORT of natural gas futures increased +3 512 contracts to 166 577 during the week.
Precious metals got further support amidst risk aversion. Gold futures’ NET LENGTH soared +19 111 contracts to 210 653 while silver futures’ NET LENGTH added +641 contracts to 21 861. For PGMs, NET LENGTH of Nymex platinum futures gained +785 contracts to 9 143. Yet, palladium futures drifted to NET SHORT of 366 contracts.
